What is Tax Agent Perth?
A tax agent Perth is an innovative tax agency that takes your worries away and gives you your time back. You can trust us to provide you the highest quality service whilst you focus on the most important thing – your business. Our service is genuine, cost effective and reliable. If you are not happy with the results – we do not deserve your money and will return it to you no questions asked. If you however see us as a long-term partner providing consistent value to you – we are there with you for life.
Difference between a Tax Agent and an Accountant
When you are running a business, you need a tax agent and an accountant since one cannot perform the duties of the other. While a tax agent focuses on filing your personal income returns, an accountant will concentrate on ensuring that make the right decisions on business structure and growth.
A tax agent involves himself in the preparation of Income Tax Returns. For example, he looks at how much income you should declare and how much you should claim back from ATO. An accountant, on the other hand, focuses more on planning strategy. Sometimes, meeting him often is unnecessary. In fact, seeing him at least twice a year is enough in most cases as you review your tax structure.
The Duties of a Tax Agent
To fulfill your tax obligations, you must ensure that you are working with a registered tax agent Perth. If your bookkeeper is unregistered as a BAS Agent, then you should not hire him to perform any of your BAS services. In case the relevant authorities discover that you hired an unregistered BAS agent, then both you and the unauthorized agent are subject to heavy penalties. Your tax agent has to perform duties that are quite different from those of a bookkeeper. Here are some of these services. All tax agents at Tax Agent Perth are registered for your piece of mind.
Providing Advice on BAS Provision
At Tax Agent Perth – we will help you interpret BAS provisions. These provisions include Fuel Tax Law, Wine Equalization Tax Law, Fringe Benefits Tax Law, Luxury Car Tax Law, GST Law, and PAYG (Pay As You Go) among others. He will examine them in relation to your accounts. To ensure that BAS data is accurate, the tax agent will also compile all the data that is necessary to come up with the final figure that you will use in your business activity statement. Still, on BAS Provision, he will contact the ATO (Taxation Commissioner) on your behalf saving you the stress of doing so.
Preparing Reports
A tax agent will review your company’s software data file and make amendments, if necessary, before creating financial reports which either you, your accountant or your bookkeeper can use to fill various tax forms. He will also help you when it comes to processing your superannuation guarantee charge as well as your employee’s pension obligations and the Reportable Employer Super Contributions. Moreover, the tax agent will help you prepare Taxable Payments Annual Reports if you are dealing with building and construction business, preparation of Business Activity Statements, and Employee Payment Summaries.
Managing your Accounting Software
At Tax Agent Perth we can help you install accounting software such as QuickBooks or MYOB in addition to setting up the relevant tax codes for accounting purposes. We can also provide training on the selected system to ensure smooth transition. Additionally, he will help in coding tax invoices. Later, he will feed the information into accounting software of your choice.
Bookkeeping
Tax agents can also help you when it comes to handling your bookkeeping services whereby he will take up relevant responsibilities such as the ones mentioned below.
- Record keeping and filing
- Data entry using tax codes as instructed by your accountant
- Reconciliation of banking statements
- Handling accounts receivable including sending and receiving of invoices, preparation of monthly statements, opening invoice reports, and contacting late payers.
- Handling accounts payable including bill payments, preparing unpaid bill reports, and making a follow-up on credits and refunds.
At Tax Agent Perth – we stand for the openness in bookkeeping, hence we advise your accountant to work together with your tax agent to produce the best results. In other words, your accountant should always keep him in the loop when it comes to taxation plans. Likewise, your tax agent should keep your accountant updated on all major transactions.
How to Chose the Tax Agent
When tax time comes, it is not only a reminder of how much you have earned throughout the year but it is also a time to prepare and file your tax returns with the ATO. You can decide to use the online system i.e. E-Tax but we at tax agent Perth recommend to approach a certified professional to ensure that nothing is missed and the tax return is correctly completed.
At Tax Agent Perth, we have come up with the following tips will help you land a good and trustworthy tax agent.
- Asking whether he is registered with the Tax Agents Board
- Finding out whether he is a member of any reputable accounting body such as the Certified Practicing Accountant of the Institute of Chartered Accountants.
- Knowing his availability within the next one financial year
Other important questions that you should consider asking are as follows.
- Whether he can provide you with additional services such as redundancy payments, self-managed superannuation, and financial planning
- Whether he understands rules on tax substantiation
- Whether he will help you in handling the ATO in matters that touch on the amendment of previous returns or private ruling requests
- Whether he is willing to offer a helping hand with any Tax Office if the need for doing so arises
If you would like to learn a lot more details about tax agents or potentially attend a seminar, I suggest you register with NTAA+
For clean tax reports, you need to make sure that your tax preparation is always up-to-date and that the past never catches up with you. Make sure that you gather yourself together in case you are lagging behind in your preparations. Then act as soon as possible. Remember that the ATO will not be in a hurry to refund your money in case they owe you, but if you owe them, then the story will be different. If the latter is the case, then make sure that you present yourself in the tax office before they track you down. Doing so will make things easier for you than when the relevant authorities catch up to you. One way to make your dealings with ATO smooth is to employ a reliable tax agent in Perth.
If you would like to have someone help you work through your papers and put it in order, you have come to the right place. At Tax Agent Perth we would love to see you on board. Please contact us and share your needs with us so we can provide you with the initial consultation for free!